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MORTGAGE SERVICING RIGHTS | 3 Months Ended
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Mar. 31, 2025
Transfers and Servicing [Abstract] |
MORTGAGE SERVICING RIGHTS |
7. MORTGAGE SERVICING RIGHTS
MSR represent the rights and obligations associated with servicing pools of residential mortgage loans. The Company and its subsidiaries do not originate or directly service residential mortgage loans. Rather, these activities are carried out by duly licensed subservicers who perform substantially all servicing functions for the loans underlying the MSR. The Company generally intends to hold the MSR as investments and elected to account for all of its investments in MSR at fair value. As such, they are recognized at fair value in the accompanying Consolidated Statements of Financial Condition with changes in the estimated fair value presented as a component of Net gains (losses) on investments and other in the Consolidated Statements of Comprehensive Income (Loss). The following table presents activity related to MSR for the three months ended March 31, 2025 and 2024:
Mortgage Servicing Rights | Three Months Ended |  |
March 31, 2025 |  | March 31, 2024 |  |  |  |
| (dollars in thousands)
Fair value, beginning of period | $ | 2,909,134 |  |  | $ | 2,122,196 |  |  |  |  |
Purchases (1) | 396,662 |  |  | 515,731 |  |  |  |  |
Change in fair value due to: |  |  |  |  |  |  |
Changes in valuation inputs or assumptions (2) | 12,768 |  |  | 46,136 |  |  |  |  |
Other changes, including realization of expected cash flows | (45,662) |  |  | (32,784) |  |  |  |  |
Fair value, end of period | $ | 3,272,902 |  |  | $ | 2,651,279 |  |  |  |  |
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable. (2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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